Sharebrokers now in FMA's sights
It began a monitoring project in May, specifically focusing on AFAs who are accredited as NZX or NZX associate advisers.
The purpose of the project was to ascertain the services and products generally offered by NZX adviser AFAs, review advice processes of NZX Participants to enhance FMA’s understanding of NZX adviser AFAs, review high-risk processes, based on an initial risk assessment, and environmental scan and perform specific targeted monitoring, based on the initial risk assessment.
Phase one, which has just finished, was primarily information gathering. Phase two will be more targeted.
Eighteen ABS reviews were conducted and followed up where appropriate. Several compliance managers were interviewed.
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